Question No 06 Chapter No 13 – D.K Goal 11 Class

Question No 06 Chapter No 13

Sending the Bill to Bank for Collection

06. On 10th January 2017, A sells goods to B for 12,000. On that date, B accepted a bill drawn upon him by A at two months for 12,000. A retains the bill till the due date and on due date sends the bill to the Banker for collection. In due course, A receives the information from the Bank that the bill has been duly met.
Pass Journal Entries in the books of A and B.

The solution of Question No 06 Chapter No 13: –

In the books of A (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Jan.10	B A/c	Dr.		12,000
	To Sale A/c				12,000
	(Being B accepted bill)
Jan.10	Bills Receivable A/c	Dr.		12,000
	To B A/c				12,000
	(Being B accepted the bill)
Mar. 13	Bill Sent for Collection A/c	Dr.		12,000
	To Bills Receivable A/c				12,000
	(Being Bills sent to bank for collection)
Mar. 13	Bank A/c	Dr.		12,000
	To Bills Sent for Collection A/c				12,000
	(Being Bill honoured on maturity)

In the books of B (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Jan. 10	Purchases A/c	Dr.		12,000
	To A A/c				12,000
	(Being Goods purchased from A)
Jan. 10	A A/c	Dr.		12,000
	To Bills Payable A/c				12,000
	(Being Bill drawn by A, accepted)
Mar. 13	Bills Payable A/c	Dr.		12,000
	To Cash A/c				12,000
	(Being Bill honoured on maturity)

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Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

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